The 30-year US Treasury yield reached 5.27% in 2026, its highest level, driven by massive borrowing from artificial intelligence companies. These firms issued $192 billion in bonds by July 2026, compared to $61 billion as a five-year annual average, now accounting for 27% of net investment-grade bond sales. Bitcoin trades around $63,517, down 46.1% over the past year, while gold rose 32.6% over the same period, a gap of nearly 79 percentage points. Alphabet issued 30-year debt near 6.4% and Meta financed a data center at over 7.5%, yields that Bitcoin cannot match since it pays no interest. JPMorgan Asset Management projects $5.5 trillion in AI capital spending through 2030, with $2.1 trillion expected to come from new bonds, intensifying competition for the same investors.
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